Solomon Gold PLC (AIM: SOLG) said it has entered agreements for a placing of 21.43 million shares this week at A$0.14 for A$3 million to private investors.
The money is to be used for working capital purposes and to further the company's project areas outside of its interest in the Guadalcanal copper gold ore bodies venture with Newmont Ventures Ltd, a subsidiary of Newmont Mining Corp (NYSE: NEM).
The Australian gold and copper prospector last week announced it had identified 20 new targets at the Guadalcanal exploration project in the Solomon Islands after completing an airborne rlectromagnetic survey flown by Newmont over the entire area of the company’s exploration licenses, while rock saw results at Kolotolaka Legatugatu indicated an exposed copper gold porphyry system.
The group had said in October that as a result of several fundraisings in the full-year to end-June 2009, it enters the 2010 financial year in a strong position from a financial and technical alliance perspective, adding this will allow the company to continue to pursue its objective to discover and define a world class copper gold ore body within the South Pacific Region.